Maral Overseas - Outcome Of AGM

Maral Overseas Ltd has informed that the members at the 18th Annual General Meeting (AGM) of the Company held on September 29, 2007, inter alia, have accorded to the following:

1. Adoption of the Profit & Loss Account for the period ended March 31, 2007 and the Balance Sheet as on that date of the Company and the report of the Directors and Auditors thereon.

2. Re-appointment of Mr. D N Davar & Dr. Kamal Gupta, as Directors of the Company, liable to retire by rotation.

3. Re-appointment of M/s. Doogar & Associates, Chartered Accountants, New Delhi and M/s. Ashim & Associates, Chartered Accountants, New Delhi, as Auditors of the Company, on remuneration to be fixed by Board of Directors.

4. Authority to the Board of Directors of the Company for creation of such mortgages and charges in addition to the existing mortgages and charges and hypothecations created by the Company as the Board may direct on the assets of the Company both present and future and the whole of the undertaking of the Company and/or conferring power to enter upon and take possession of the assets of the Company in certain events to or in favour of:

- State Bank of Hyderabad in connection with Corporate Loan of Rs 7.50 crore

- Canara Bank in connection with Term Loan of Rs 7.50 crore

- The Jammu & Kashmir Bank Ltd in connection with Corporate Loan of Rs 10.00 crore

- The Jammu & Kashmir Bank Ltd in connection with its Term Loans aggregating to Rs 10.31 crore (lenders) together with interest thereon at the respective agreed rates, compound interest, additional interest, liquidated damages, commitment charges, premia on pre-payment or on redemption, costs, charges, expenses and other monies payable by the Company to the lenders under the Loan Agreements entered into by the Company in respect of the said borrowings.